Market wraps 21st July 2021
Morning Bell - Sophia Mavridis
It was a positive session across European and US markets, with all major indices closing with gains.
The Aussie share market is set to open higher with the futures suggesting a 0.7% rise to 7,210 points.
What to watch today:
- Keep an eye on Oil Search (ASX:OSH). The company’s share price jumped, after they rejected a takeover bid with Santos (ASX:STO). While OSH’s share price jumped 6.3% yesterday, Santos closed almost 5% lower.
- Afterpay (ASX:APT) is looking to set up its own Financial Services License. APT announced their Money By Afterpay App rollout plan, which is the company’s new money and lifestyle app. This app is looking to be launched to customers in October.
- In local COVID-19 news, South Australia has joined NSW and Victoria in lockdown. At 6pm yesterday, Adelaide entered a weeklong lockdown as the delta variant spreads. The NSW Government also announced a weeklong lockdown for parts of the Central West.
- Retail Sales Data for June will be released today at 11:30am AEST.
- Tonight at around 6:30pm AEST it will be decided if Brisbane is successful in the bid to host the Olympic Games in 2032.
- The oil price is up 1.3%, following yesterday’s crash, trading at US$67.00.
- Coal continues to trade higher, while the gold price is trading 0.1% lower.
- Woodside Petroleum (ASX:WPL) was the most traded stock by Bell Direct clients yesterday. The stock was under pressure yesterday, as the oil price also tumbled.
- Australia and New Zealand Bank (ASX:ANZ) was in the green yesterday and was also one of the most traded, after the bank announced a $1.5 billion buy-back. Its shares closed with a 0.6% gain yesterday at $27.32.
- Bell Potter maintain their BUY recommendation on Senex Energy (ASX:SXY) with a $3.75 price target. Senex provide leverage to Australia’s gas market, where supply deficits are supporting high prices. SXY closed at $3.18 yesterday, implying 17.9% share price growth in a year.
- Bell Potter also maintain their BUY recommendation on Elders (ASX:ELD) at a $13.75 price target. The stock closed with a 3.2% gain yesterday at $11.68, implying 17.7% share price growth in a year.
- Bullish charting signals have been identified in Dropsuite (ASX:DSE), Telix Pharmaceuticals (ASX:TLX) and Australian Ethical Investment (ASX:AEF), according to Trading Central.